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Biography

Nick Antill is a Director of EconoMatters, an energy consultancy offering an extensive range of skills to clients involved with gas markets worldwide. Prior to this, Nick was responsible for Morgan Stanley's European team, and personally produced most of its research on the integrated oil companies.

He spent 16 years in the City as a financial analyst covering the oil and gas sector and also has a background in the downstream oil business. Nick is an associate of the City financial training firm, BG Training, for whom he specialises in equity valuation and related subjects.

EconoMatters is an energy consultancy whose consultants have held senior positions inside companies involved with the world's major natural gas and LNG projects. The company services include strategic and contract advice, project assistance, economic analysis, market overviews, pricing information and commercial advice on liberalising markets.

Books by Nick Antill

	Company valuation under IFRS Interpreting and forecasting accounts using International Financial Reporting Standards Publisher: Harriman House Published: 2008 Edition: 2nd Format:Hb	Our price £33.99 Normal price £39.99 You save £6.00 (15%)
	Company valuation under IFRS Interpreting and forecasting accounts using International Financial Reporting Standards Publisher: Harriman House Published: 2005 Format:Hb	Out of Print
	Valuing Oil and Gas Companies A Guide to the Assessment and Evaluation of Assets, Performance and Prospects Publisher: Woodhead Publishing Published: 2000 Edition: 1st Format:Hardback	Our price £148.50 Normal price £165.00 You save £16.50 (10%)
	Oil and Gas Equities Evaluation and trading Publisher: Woodhead Publishing Published: 1994 Format:Hb	Our price £85.50 Normal price £95.00 You save £9.50 (10%)

Book Recommendations

	Investment Valuation Tools and Techniques for Determining the Value of Any Asset Published: 2002 Edition: 2nd Revised edition Format:Pb	Our price £44.00 Normal price £55.00 You save £11.00 (20%)
	Principles of Corporate Finance Published: 2002 Edition: 7th Format:CD-Rom + pb	Out of Print
	The Quest for Value A Guide for Senior Managers Published: 1999 Edition: 2nd Format:Hb	Out of Print
	Valuation Measuring and Managing the Value of Companies Published: 2005 Edition: 4th Edition Format:Hb	Our price £42.00 Normal price £52.50 You save £10.50 (20%)

Investing Rules

The most often-repeated mistake in finance is 'It doesn't matter - it's only a non-cash item'.

While it is true that the value of a company is the discounted value of its future free cash flows, it does not follow that non-cash items do not matter. There is a clear difference between provisions for deferred taxation that are unlikely ever to be paid, and provisions for decommissioning a nuclear power station - a large future cost that will certainly be incurred.

It is easy to get to a high value for a company - just underestimate the capital investments that it will need to make.

There are three components to a cash flow forecast: profit, which is often analysed quite carefully; depreciation and other non-cash items, which are usually analysed adequately; and capital expenditure, which is often a banged-in number that is quite inconsistent with the other two, and generally much too low.

Valuations must be based on realistic long term assumptions - at best GDP growth rates and barely adequate returns.

It is tempting, when valuing fast growing companies with strong technical advantages over their rivals, to assume that these conditions will continue forever. They will not. As the saying goes, 'In the end, everything is a toaster'. If this means that the forecast needs to be a very long one, so be it - it will be less inaccurate than running a valuation off an accurate five year forecast, and then extrapolating this to infinity.

Taken from The Global-Investor Book of Investing Rules